Liberia Economy - 2005

Economy - overview:
Civil war and government mismanagement have destroyed much of Liberia's economy, especially the infrastructure in and around Monrovia, while continued international sanctions on diamonds and timber exports will limit growth prospects for the foreseeable future. Many businessmen have fled the country, taking capital and expertise with them. Some have returned, but many will not. Richly endowed with water, mineral resources, forests, and a climate favorable to agriculture, Liberia had been a producer and exporter of basic products - primarily raw timber and rubber. Local manufacturing, mainly foreign owned, had been small in scope. The departure of the former president, Charles TAYLOR, to Nigeria in August 2003, the establishment of the all-inclusive Transitional Government, and the arrival of a UN mission are all necessary for the eventual end of the political crisis, but thus far have done little to encourage economic development. The reconstruction of infrastructure and the raising of incomes in this ravaged economy will largely depend on generous financial support and technical assistance from donor countries.

GDP:
purchasing power parity - $2.903 billion (2004 est.)

GDP - real growth rate:
21.8% (2004 est.)

GDP - per capita:
purchasing power parity - $900 (2004 est.)

GDP - composition by sector:
agriculture: 76.9%
industry: 5.4%
services: 17.7% (2002 est.)

Labor force - by occupation:
agriculture 70%, industry 8%, services 22% (2000 est.)

Unemployment rate:
85% (2003 est.)

Population below poverty line:
80%

Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA

Inflation rate (consumer prices):
15% (2003 est.)

Budget:
revenues: $85.4 million
expenditures: $90.5 million, including capital expenditures of NA (2000 est.)

Agriculture - products:
rubber, coffee, cocoa, rice, cassava (tapioca), palm oil, sugarcane, bananas; sheep, goats; timber

Industries:
rubber processing, palm oil processing, timber, diamonds

Industrial production growth rate:
NA

Electricity - production:
488.8 million kWh (2002)

Electricity - consumption:
454.6 million kWh (2002)

Electricity - exports:
0 kWh (2002)

Electricity - imports:
0 kWh (2002)

Oil - production:
0 bbl/day (2001 est.)

Oil - consumption:
3,100 bbl/day (2001 est.)

Oil - imports:
NA

Exports:
$1.079 billion f.o.b. (2002 est.)

Exports - commodities:
rubber, timber, iron, diamonds, cocoa, coffee

Exports - partners:
Germany 36.9%, Poland 18.6%, US 11.4%, Greece 10.6% (2004)

Imports:
$5.051 billion f.o.b. (2002 est.)

Imports - commodities:
fuels, chemicals, machinery, transportation equipment, manufactured goods; foodstuffs

Imports - partners:
South Korea 38.1%, Japan 21.9%, Singapore 12.6%, Croatia 4.8% (2004)

Debt - external:
$2.1 billion (2000 est.)

Economic aid - recipient:
$94 million (1999)

Currency (code):
Liberian dollar (LRD)

Exchange rates:
Liberian dollars per US dollar - 54.906 (2004), 59.379 (2003), 61.754 (2002), 48.583 (2001), 40.953 (2000)